Olacabs, a car rentals aggregator and point-to-point cab services today announced that it has raised Series B funding from Matrix Partners India and existing investor, Tiger Global Management.

Olacabs is based out Mumbai provide car rental services online via web and mobile apps and currently has services in Delhi, Mumbai, Chennai, Bangalore and Pune. The amount of funding received has not been disclosed however as per Business Standard it is estimated to be around $20 million.

Olacabs will use the funds invested to expand their operations to newer markets and to deepen its technology and analytics expertise, said the company. Olacabs had earlier raised Rs.2 crore angel round in 2011 and the subsequent 40 crore Series A funding from Tiger Global Management in April 2012.

Reportedly Olacabs is the first cab service in India to launch a mobile app to book and monitor cabs.

Olacabs mobile apps for Android and iPhone it offers city taxi rides on a point to point basis from the cities of Delhi, Gurgaon, Mumbai, Pune and Bangalore. Olacabs is changing the way you move around in your city with personal transportation options like taxis and cab rentals in India.

Olacabs was founded in January 2011 by two IIT Bombay alumni Bhavish Aggarwal and Ankit Bhati. Through its Olacabs mobile apps for Android and iPhone the customers can book available cabs and track their progress until they reach the pickup location. Blackberry versions for olacabs will be launched soon.

Olacabs attend to over 10,000 customer calls per day and have more than 5000 cabs on its platform and around 1500 operators have tied up with the company across 4 major cities which are - Delhi NCR, Mumbai, Bangalore and Pune.

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